Many Metrics Point Toward Strong April

FALLBROOK – Following a tepid February, real estate activity started the spring “selling season” in March with marked improvement in pricing and volume, Jerry Kalman, a Realtor® with HomeSmart Legends here, reported April 4.

The average Fallbrook and Bonsall selling price of $532,000 per home reflected a six percent gain over the prior month and a seven percent increase over March 2015. Sales volume in the two communities was 19 percent better than in the prior March and a 58 percent increase over February.

Entering April, 228 homes were in the active inventory spanning Fallbrook and Bonsall, a slight increase from March 1.

Meanwhile, the number of new escrows during March increased as 94 homes came off the market, bringing the total of those nearing sale to 127. The average time on the market for those entering escrow decreased to 59 days, and the average price of the homes off the market was $584,000.

Both the price and volume new escrow figures indicate April will be another strong month for Fallbrook and Bonsall real estate.

In March, 25 percent of the homes sold at or above the original asking price, and many of them were VA or FHA transactions. Overall, 40 percent of the homes that sold were under VA/FHA contracts that reflects strengthening demand by first-time homebuyers and those using their VA benefits in this area.

It took an average of 53 days in March for homes to sell while on the market, a significant improvement over January and February. The average selling price per square foot, an important metric of pricing, was $222, $10 less per foot than February.

At the high end, two homes sold above one million dollars. Entering April, seven high-end homes were in escrow after an average market time of five months. Another 51 homes were in the active inventory where they averaged three months on the market.

Six condominiums, four in Fallbrook, sold in March. Seven more condos were in escrow, three in Fallbrook; and another 11 were active listings on the market, six of them in Bonsall.

First Quarter Comparisons

Comparing first quarter results of 2016 with the prior year shows the total number of homes selling in the current year was 19 percent better than in 2015; however, the average selling price of $514,000 in 2016 was five percent lower than last year.

Significantly, VA/FHA transactions in the first quarter of this year represented almost 40 percent of the sales volume while last year they were barely 30 percent. Cash transactions, meanwhile, dropped to 15 percent of the sales in 2016 as opposed to 2015 when they were more than one fifth of the closings.

Kalman´s data for the reporting periods ending March 31, 2016, came from Sandicor, Inc., the area's multiple listing service for realtors. It represents properties listed or sold by various brokers in the region. He uses this information as a community service to analyze market trends and provide professional insight into real estate activity.

Kalman’s data for the reporting periods ending March 31, 2016, came from Sandicor, Inc., the area’s multiple listing service for Realtors and InfoSparks. It represents properties listed or sold by various brokers in the region. He uses this information as a community service to analyze market trends and provide professional insight into real estate activity.

HomeSmart Legends is located at 701 S. Main, Fallbrook.